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Learn how companies pursue competitive advantage across their chosen market scope using three/four generic strategies: cost leadership, differentiation, focus, and hybrid. The concept was developed by Michael Porter in 1980 and has been applied to various industries and businesses.
Porter's four corners model is a predictive tool designed by Michael Porter that helps in determining a competitor's course of action. Unlike other predictive models which predominantly rely on a firm's current strategy and capabilities to determine future strategy, Porter's model additionally calls for an understanding of what motivates the competitor.
Learn about the definition, principles, processes and applications of strategic management, a field of management that involves formulating and implementing the major goals and initiatives of an organization. Explore different models, frameworks and perspectives on strategy, as well as the environmental analysis and strategic decisions involved.
Learn how to use Porter's five forces framework to evaluate the competitive environment of a business. The framework consists of five forces that determine the industry attractiveness and profitability: threat of new entrants, threat of substitutes, bargaining power of suppliers, bargaining power of customers, and rivalry among existing firms.
The six forces model is an extension of Porter's five forces model that considers six key drivers of competition and profitability in any given industry. It includes competition, new entrants, end users, suppliers, substitutes and complementary products.
Learn about Michael Porter, the founder of Porter's five forces analysis and the father of the modern strategy field. He is also a renowned author, consultant, and expert on competition, health care, and social impact.
The resource-based view (RBV) is a managerial framework that focuses on the firm's internal resources and capabilities to achieve sustainable competitive advantage. RBV proposes that firms are heterogeneous and can adopt different strategies based on their resource mix, and that resources should be valuable, rare, imperfectly imitable and non-substitutable (VRIN criteria).
Strategy is a general plan to achieve long-term or overall goals under conditions of uncertainty. It involves setting goals and priorities, determining actions and resources, and shaping the future. Learn about different types of strategy, such as military, counterterrorism, and management.